Jargon

Here are some common word definitions you might come across on this web site or hear on TV or on the radio. I have made up quite a few acronyms to make life easier on the site and I often refer to Wikipedia for definitions. This list is constantly being updated.

Administration: Is a procedure under the insolvency laws of a number of common law jurisdictions. It functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. The process — an alternative to liquidation — is often known as going into administration.

Administrators: independent auditor of a public company. (Deloitte, PricewaterhouseCoopers, Ernst & Young, and KPMG) would be examples.

AID: Auto Industry Downturn.

Backruptcy: is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor (“involuntary bankruptcy”) in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a “voluntary bankruptcy” that is filed by the bankrupt individual or organization).

CDS: Credit Default Swap.

Credit Crunch: In simple terms, a crisis caused by banks being too nervous to lend money to us or each other. Where they will lend, they charge higher rates of interest to cover their risk. In the real world, that means more expensive mortgages, dearer credit cards, pain for pension savers and other investors as stock markets fluctuate wildly, and in the worst cases repossession and bankruptcy.

CCV: Celebrity Crunch Victims.

CEDT: Current Economic Down Turn – An acronym made up by Cruvic of CrunchVictims.com

Oniomania: is the technical term for the compulsive desire to shop with sufferers often experiencing the highs and lows associated with addiction.

P-SL: Pink-Slip List

Recession: In economics, the term recession generally describes the reduction of a country’s gross domestic product (GDP) for at least two quarters. The usual dictionary definition is “a period of reduced economic activity”, a business cycle contraction.

Redundancies: A dismissal of an employee from work for being no longer necessary.

Repossession: is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction.

RPI: Retail Price Index (if this falls below 0% the the country is in Deflation

Shopaholism: is someone who has built up more than half of their unsecured debt through fashion purchases.

The Receivers: An official or a company such as (Deloitte, PricewaterhouseCoopers, Ernst & Young, and KPMG) appointed to receive and account for money due.

UKCV: United Kingdom Crunch Victims.

USCV: United States Crunch Victims.

Victim / Victims: a person or a group of people or a company or an entity who have experienced a loss whether it’s lost money, or lost job or something has being taken away.